The Organization of the Petroleum Exporting Countries (OPEC) also cut its world oil demand growth forecast on Thursday due to economic weakness, predicting a rise of 940,000 bpd in 2012, 120,000 bpd less than its forecast last month.

Although shipments of crude oil and petroleum byproducts to Caribbean nations from Venezuela declined 4% last year, from 224,000 bpd in 2009 to 215,000 bpd in 2010, the financed portion of 170,000 bpd under the PetroCaribe agreement amounts to US$4.

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